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TABELL'S MARKET LETTER 3S WALL STREET. NEW YORK 5, N. Y. Digby 4.4141 Weakness on Friday brought the Dow-Jones industrial average back to the strong 179-178 support level. Friday's low was 178.19 and the close was 178.80. The 179-178 level is the top of the long trading shelf of 178-172 in which the industrials held from early November to early January. It should furnish strong downside support. The rail average, which has shown relatively poorer action than the industrials and has failed to break out on the upside of its comparable November-January trading shelf of 54-52, still remains in the trading range. Friday's close was 52.39 compared with the 51.87 closing low of January 3rd. There is stong support in the 52-50 area of the rail average. The decline from the January 7th high appears to be a normal technical correction of the sharp eight-point advance from a low of 174.37 on January 3rd to a high of 182.50 on January 7th. The approximate four-point decline from January 7th top to Friday's low is a normal one-half correction of the advance. I believe the odds favor an advancing trend from approximately Friday's lows and an attempt to penetrate the 183 level in the industrials and 55 in the rails. As to individual issues, I like the twenty-five stocks listed below. They all have excellent longer term technical patterns and in addition, the fundamental background appears to be favorable. Thumb nail sketches of these issues are available to clients of the firm. Avco Burlington Mills Cj.ties Service Cooper Bessemer Denver & Rio Grange Eastern Airlines Electric Power & Light Firestone Tire Firth Carpet Flintkote Hewitt Robins Holland Furnace Closing l'lij9 18 1/8 44 5/8 28 26 15 1/4 22 7/8 46 7/8 17 1/4 29 20 7/8 23 Inter. Min & Chem Joy Manufacturing Lowenstein Penn-Dixie Cement Pressed Steel Car Radio Corp st. Regis Paper Schenley Sears Roebuck Sharon Steel Shell Union Oil Standard Steel Spring White Sewing Machine Closing 12/g41/j4 38 22 3/4 19 1/4 7 3 /8 13 8 3/4 29 5/8 38 1/4 36 5/8 38 7/8 14 3/4 19 1/2 January 14, 1949 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN This memorandum Is not to b. consblMd 1111 an offer Of solicitatIon of offen to buy or sell any securities. From time to time WalltonloHoffman & Goodwin may h…… an Interest 'n some Of aU of the securiliH menfloMd herein. The foregoing meMnal has been pnpared by UI a, a matter of In rmatlC! only. It Is balfld upon Information believed reliable but not necessarily complete, is not 9uaranteed ,n aCCfate or finlli. and II not Intended to foreclo.e Indepflldent inquiry.